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LOBERG v. HALLWOOD REALTY PARTNERS, L.P.

No. 1-00-0665.

753 N.E.2d 1020 (2001)

323 Ill. App.3d 936

257 Ill.Dec. 394

Ernest LOBERG, Harriet Loberg and Sharon Menely, Indiv. and on Behalf of the Class, Plaintiffs-Appellants, v. HALLWOOD REALTY PARTNERS, L.P., a Delaware Limited Partnership, and Hallwood Income Real Estate Investors A, a Delaware Limited Partnership, Defendants-Appellees.

Appellate Court of Illinois, First District, Second Division.

June 29, 2001.

Attorney(s) appearing for the Case

Stephen B. Diamond, Lawrence W. Schad, James Shedden, Steven J. Tomiello, Beeler, Schad & Diamond, P.C., Chicago, David A. Genelly, Vanasco, Wayne & Genelly, Ltd., Chicago, Kevin M. Forde, Mary Anne Mason, Kevin Ford Ltd., Chicago, for Plaintiffs-Appellants.

Nancy Scheurwater Hunter, Lisa P. Conlon, Latham & Watkins, Chicago, Miranda S. Schiller, Haron W. Murage, Weil, Gothshal & Manages LLP, New York, NY, for Defendants-Appellees.

Justice COUSINS delivered the opinion of the court:

In 1988, plaintiffs-appellants, Ernest Loberg, Harriet Loberg, and Sharon Menely, individually and on behalf of the class certified in September 1995, filed suit against Equitec Financial Group (Equitec Financial) and Equitec Fund A (Equitec A) seeking to rescind their purchases of Equitec A limited partnership interests on behalf of 41 Illinois residents who purchased the limited partnership interests in 1985 and...

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